The decision, announced by the company Wednesday afternoon, follows signs that business has flagged for months at Trump SoHo, beginning during his polarizing campaign last year.

The hotel's sushi restaurant closed. Professional sports teams, once reliable customers, began to shun the property. The hotel struggled to attract business for its meeting rooms and banquet halls, according to reporting by radio station WNYC.

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The deal to remove the Trump name was made with the Trump SoHo condominium board and the property's majority owner, CIM Group, a California-based real estate investment firm. The hotel is divided into condominiums whose owners allowed them to be rented out as hotel rooms

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The Trump Organization does have plans to expand its hotel business, targeting areas where Trump's political brand is more popular.

Those plans include two new, less-expensive brands of hotels called Scion and American Idea. But since those brands were announced in June, progress has been slow. The three discount hotels that were supposed to start the American Idea brand are still operating under their old names